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tower resources plc (TRP) Snapshot

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03/7/14 - 7.23 GBp
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tower resources plc (TRP) Details

Tower Resources plc operates as an independent oil and gas exploration company in Africa. The company principally holds 30% working interest in 3 contiguous exploration blocks covering an approximately 23,000 square kilometers of area located in offshore Namibia; 80% interest in 2 onshore blocks covering approximately 6,946 square kilometers of area in Zambia; and 20% carried interest in Marovoay Block-2102, covering approximately 8,444 square kilometers of area onshore Madagascar. It also has a 50% interest in 3 exploration licenses, including Guelta and Bojador blocks covering approximately 60,058 square kilometers of area; and Imlili block covering approximately 16,695 square kilometers of area in the Saharawi Arab Democratic Republic. The company is based in London, the United Kingdom.

tower resources plc (TRP) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $309.8K
Compensation as of Fiscal Year 2013.

tower resources plc (TRP) Key Developments

Tower Resources plc Provides an Update on Drilling Operations for the Badada-1 Well, Block-2B, Onshore Kenya

Tower Resources plc provided an update on drilling operations for the Badada-1 well, Block-2B, onshore Kenya. Tower has received formal notification from Lion Petroleum Inc. and Operator of Block-2B (Tower 15%, Premier Oil 55% and Taipan 30% working interests) regarding the status of the Badada-1 well on 20 January 2015. The Badada-1 well was spud on 7 January 2015 and has been drilled to a total depth of 918 meters MDBRT (Measured Depth Below the Rotary Table) intersecting the Neogene sequence. A 20-inch casing point has been set at 298 meters MDBRT and the well is currently drilling ahead with the 17½-inch section to the next casing point. The well is planned to be drilled to a total depth of between 3,000 and 4,000 meters in order to test primary targets in Tertiary age reservoirs. The operator expects the well to take up to 70 days to complete. The company will provide the next operational update in approximately two weeks when Badada-1 has progressed further.

Tower Resources PLC Appoints Andrew Smith as Financial Controller and Company Secretary

Tower Resources plc announced that Andrew Smith has joined the Company as Financial Controller and Company Secretary. Andrew, aged 36, joins Tower from Sterling Energy plc where he was the Group Financial Controller and Company Secretary for the AIM listed, Africa focused exploration-producer.

Tower Resources plc Provides Drilling Updates

Tower Resources plc notes the announcement dated October 8, 2014 from the operator, Taipan Resources Inc. regarding the signing of a Letter of Intent with the Greatwall Drilling Company of China to contract the GW-190 land rig for the planned Badada-1 well (Tower 15% working interest) onshore Block-2B, Kenya. The Badada-1 well is expected to spud between mid-December 2014 and mid-January 2015 and is expected to take approximately 70 days to drill. The Badada-1 well is a potential play-opener. It will test the first of several prospects and leads in Block-2B that are potentially analogous to prospects in the Lokichar Basin where Tullow Oil and Africa Oil have enjoyed multiple oil discoveries in the Tertiary Rift sequence. The well is planned to be drilled to a total depth of between 3,000 and 4,500 metres to test primary Tertiary age reservoirs and, dependent upon results, secondary upper Cretaceous age reservoirs. Tower's management estimate gross unrisked prospective resources for this well range from 402mmboe (P10) to 16mmboe (P90) with a Pmean of 169mmboe. This compares to Taipan's estimate of gross mean unrisked prospective resources of 251mmboe. Tower's management believe this difference reflects a more conservative approach to the extent of the Badada structure, but also recognise there is considerable upside potential in Block-2B, both in terms of additional zones within the Badada prospect and the possible extent of the trap as well as in the multiple follow-on prospects and leads in the block. If the Badada-1 well is successful it will de-risk many other prospects and leads within Block-2B and provide important information about the detailed geological evolution of the Anza Basin to aid future exploration. The follow-on exploration potential of just the four prospects and leads immediately adjacent to the Badada prospect is estimated to be an additional 405mmboe of gross mean unrisked prospective resources by Taipan, with a range from 890mmboe (P10) to 104mmboe (P90) as verified by Sproule. A total of nineteen prospects and leads have been identified in the block so far with total estimated gross mean unrisked prospective resources of 1,593mmboe reported by Sproule. Tower is currently updating its own view on the potential upside in the Block and will provide further guidance once this work is complete. Preparations at the well site are already underway with a number of auxiliary services and long-lead items already contracted. Gross well costs remain estimated at $20 to $25 million ($3.0 to $3.75 million net to Tower). The company will provide a further update upon the formal contracting of the GW-190 rig and mobilisation to the Badada-1 drill site and other operational progress in due course.


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